Preparing for your business’s quiet period
Every business has its slow season. Whether you are a retail shop that slows down trade during the summer season, a builder who battles wet weather delays or a service station that sees less trade during low tourist season, these quiet periods can put a strain on your cash flow and leave you in a panic if you haven’t planned ahead.
If you expect to be quiet over the summer period, what can you do with your time to make it worthwhile for your business:
- Work on your business plan: Take a step back and look at what’s working for your business and what you can improve on. This helps you to stay focused and make sure your business is heading in the right direction.
- Attend training or learn new skills: Are there any local business groups that you can attend that can provide insights into other businesses in your area and how they cope with the quiet period? An excellent way to do this is to register and attend a Small Business Financial Resilience workshop in your area or join one of the three monthly online webinars. Follow our Facebook and LinkedIn pages for topics and dates! Is there further training you would like to undertake, such as learning more about Xero or your current bookkeeping system? This is a great time to focus on the costs of your business and complete a break-even analysis, with a view to making sure your sales cover all your costs.
- Look at ways that you can grow your business: Can you diversify your business to provide other sources of income during the quiet periods?
